Illinois State Information

Legal Status: Legal

815 ILCS 122 et seq.

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income.  Payday installment loan lesser of 22.5% gross monthly income or $1,000.
Loan Term: 13-45 Days. 112-180 for Installment Payday Loans
Maximum Finance Rate and Fees: $15.50 per $100, plus a $1 verification fee
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover). Payday installment loan can be refinanced one time during term.
Cooling-off Period: 7 days after 45 consecutive loan days. Payday installment loan max 180 days in debt.
Repayment Plan: Yes. After 35 days, if payday loan unpaid, right to at least 55 days to repay in installments with no added cost.

Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: 320 West Washington, 3rd Floor, Springfield, IL 62786
Phone: (888) 473-4858
Regulator Website

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